Identifier
Created
Classification
Origin
07ISLAMABAD2252
2007-05-18 13:08:00
SECRET
Embassy Islamabad
Cable title:
PAKISTAN'S IMPLEMENTATION OF UNSCR 1747 ASSET FREEZE AGAINST
how-toVZCZCXYZ0000 RR RUEHWEB DE RUEHIL #2252 1381308 ZNY SSSSS ZZH R 181308Z MAY 07 FM AMEMBASSY ISLAMABAD TO RUEHC/SECSTATE WASHDC 9233 RUEATRS/DEPT OF TREASURY WASHDC
S E C R E T ISLAMABAD 002252
SIPDIS
STATE FOR ISN/CPI - JCHALMERS, AND NEA/IR - SMISKO
TREASURY FOR TFFC - RLOEFFLER
SIPDIS
E.O. 12958: DECL: 05/18/2017
TAGS: EFIN KNNP PARM IR DA SW PK
SUBJECT: PAKISTAN'S IMPLEMENTATION OF UNSCR 1747 ASSET FREEZE AGAINST
SEPAH BANK AND OTHER LISTED ENTITIES
Classified by Economic Counselor Mary Townswick for reasons 1.4 (b)
and (d).
Ref: State 60238
S E C R E T ISLAMABAD 002252
SIPDIS
STATE FOR ISN/CPI - JCHALMERS, AND NEA/IR - SMISKO
TREASURY FOR TFFC - RLOEFFLER
SIPDIS
E.O. 12958: DECL: 05/18/2017
TAGS: EFIN KNNP PARM IR DA SW PK
SUBJECT: PAKISTAN'S IMPLEMENTATION OF UNSCR 1747 ASSET FREEZE AGAINST
SEPAH BANK AND OTHER LISTED ENTITIES
Classified by Economic Counselor Mary Townswick for reasons 1.4 (b)
and (d).
Ref: State 60238
1. (S) The External Finance Division of Pakistan's Finance Ministry
detailed to Econ the country's procedures for implementing the asset
freeze provisions of UNSCR 1747. The MFA is the entity that receives
updates from the UN on additions to the 1747 designee list and then
has this information published in Pakistan's official Gazette. At
the same time, the MFA sends the information to the Finance Ministry,
which in turn sends the information to the State Bank of Pakistan.
The State Bank instructs all banks operating in the country to freeze
any accounts of 1747 designees.
2. (S) The State Bank normally sends information on new 1747
designees, along with instructions to banks to freeze these accounts,
the same day it receives the updated notifications. However, in the
case of banks that are less technologically sophisticated,
dissemination of such instructions can take up to two days. The
banks are required to immediately instruct all of their branches to
enforce the freeze. The State bank works with individual banks'
compliance officers to confirm that the freeze orders are being
enforced. Finally, the State Bank reports back to the Finance
Ministry on any accounts that are frozen as a result of banks' 1747
enforcement actions.
3. (S) Per reftel request, Econ has also been seeking information
from the Finance Ministry as to what actions have been taken
specifically with respect to freezing assets of Bank Sepah and Bank
Sepah International. While we have been assured by Finance officials
that they are working to obtain the information we requested, Econ is
still awaiting the promised response. Post will continue to press
for information as to what action the GOP has taken against Sepah.
Bodde
SIPDIS
STATE FOR ISN/CPI - JCHALMERS, AND NEA/IR - SMISKO
TREASURY FOR TFFC - RLOEFFLER
SIPDIS
E.O. 12958: DECL: 05/18/2017
TAGS: EFIN KNNP PARM IR DA SW PK
SUBJECT: PAKISTAN'S IMPLEMENTATION OF UNSCR 1747 ASSET FREEZE AGAINST
SEPAH BANK AND OTHER LISTED ENTITIES
Classified by Economic Counselor Mary Townswick for reasons 1.4 (b)
and (d).
Ref: State 60238
1. (S) The External Finance Division of Pakistan's Finance Ministry
detailed to Econ the country's procedures for implementing the asset
freeze provisions of UNSCR 1747. The MFA is the entity that receives
updates from the UN on additions to the 1747 designee list and then
has this information published in Pakistan's official Gazette. At
the same time, the MFA sends the information to the Finance Ministry,
which in turn sends the information to the State Bank of Pakistan.
The State Bank instructs all banks operating in the country to freeze
any accounts of 1747 designees.
2. (S) The State Bank normally sends information on new 1747
designees, along with instructions to banks to freeze these accounts,
the same day it receives the updated notifications. However, in the
case of banks that are less technologically sophisticated,
dissemination of such instructions can take up to two days. The
banks are required to immediately instruct all of their branches to
enforce the freeze. The State bank works with individual banks'
compliance officers to confirm that the freeze orders are being
enforced. Finally, the State Bank reports back to the Finance
Ministry on any accounts that are frozen as a result of banks' 1747
enforcement actions.
3. (S) Per reftel request, Econ has also been seeking information
from the Finance Ministry as to what actions have been taken
specifically with respect to freezing assets of Bank Sepah and Bank
Sepah International. While we have been assured by Finance officials
that they are working to obtain the information we requested, Econ is
still awaiting the promised response. Post will continue to press
for information as to what action the GOP has taken against Sepah.
Bodde